paper analyses the quantitative determinants of bank ratings, provided by Standard & Poor's, Moody's, and Fitch in the …, capital adequacy and operating performance are the key determinants of bank ratings across the rating agencies. However …, macroeconomic variables and market risk factors do not seem to be contributing factors in explaining bank ratings in either country …

In this paper we model the volatility of the spread between the overnight interest rate and the central bank policy … is the main determinant of the volatility of the policy spread, but also that private bank credit risk has become more …